Punjab & Sind Bank to raise Rs 750 cr via bonds

State-owned Punjab & Sind Bank on Monday said it plans to raise Rs 750 crore from bonds to fund business growth.

The decision to this effect was taken in the board meeting on Monday.

The board has approved the raising of capital up to Rs 750 crore through the issuance of Basel-III compliant Additional Tier-I Bonds or Tier-II Bonds, the bank said in a regulatory filing. The fundraising will be done in one or more tranches within a period of 12 months, it said.